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Himatsingka Seide inks JV with Giuseppe Bellora, Italy

02
Mar '07
Himatsingka Seide has acquired 70 percent equity stake in Giuseppe Bellora, Italy in line with agreements inked in January 2007.

The company acquired a 59.74 percent stake at value of € 20 mm from a PE firm and promoter family and infusing an incremental € 3.75 mm as fresh equity to increase its stake to 70 percent.

The acquisition was according to company`s strategy to invest in luxury brands and distribution networks in home textile and be beneficial to greenfield bed linen project coming up at Hassan SEZ, Karnataka, at an investment of Rs4 bn, said Shrikant Himatsingka, Executive Director, Himatsingka Seide.

Giuseppe Bellora SpA has reported a consolidated top line of € 29.8 mm for the year ended Dec. 31, 2006.

Giuseppe Bellora will continue as Managing Director holding 30 percent equity in the company.

The acquisition was funded by company out of GDR proceeds of $60 mm raised during Dec 2005.


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